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Four businesses penalized in last 2 weeks for lapses in reporting beneficial ownership | Mint

Livemint

Livemint · 1y ago

Four businesses penalized in last 2 weeks for lapses in reporting beneficial ownership | Mint

Registrars of companies (RoCs) have issued penalty orders against four businesses for failure to report significant beneficial ownership. The RoC for Maharashtra imposed a penalty of ₹500,000 on Cooper Corp. Pvt. Ltd for a delay in reporting ownership changes. Indus Biotech Pvt. Ltd was also penalized ₹500,000 for delayed reporting, and Cuckoo Appliances Pvt. Ltd faced a similar penalty. Another company in Bengaluru was fined ₹1,23,000 for a 47-day delay. These enforcement actions indicate a heightened focus on compliance with disclosure requirements under the Companies Act.

Related News

Mint Explainer: Why has RoC's order against LinkedIn named Satya Nadella

Livemint

Livemint · 1y ago

Mint Explainer: Why has RoC's order against LinkedIn named Satya Nadella

LinkedIn, Microsoft CEO Satya Nadella, and LinkedIn CEO Ryan Roslansky, among others, have been fined INR 27 lakh by the Registrar of Companies (RoC) for violating the significant beneficial owner (SBO) norms under the Companies Act, 2013. The RoC alleged that LinkedIn had listed US-based LinkedIn Technology Unlimited Co. and LinkedIn Ireland Unlimited Company as beneficial owners of one share in filings made in January this year, in contrast to previous filings. The SBO rules were introduced in 2018 to identify ultimate beneficial ownership in Indian companies. The companies are reviewing the order to determine next steps.

South Korea’s richest man in spotlight as RoC hauls up Samsung’s Indian unit

Livemint

Livemint · 1y ago

South Korea’s richest man in spotlight as RoC hauls up Samsung’s Indian unit

Samsung Display Co. Noida Ltd, a Samsung subsidiary in India, has been penalized for not identifying Lee Jae-Yong, CEO of Samsung Electronics, as a "significant beneficial owner." The penalty was imposed by the Registrar of Companies in Uttar Pradesh and amounts to ₹8,14,200. Lee, who is the richest South Korean, has faced legal issues in the past but the penalty is on the Indian unit and not on him personally. The Registrar stated that Samsung Electronics has full ownership rights to Samsung Display Noida, and Lee and his family exercise indirect control or significant influence over the company.

RoC penalises Herox, two executives for lapses

Livemint

Livemint · 1y ago

RoC penalises Herox, two executives for lapses

The Registrar of Companies (RoC) has fined Herox Pvt. Ltd, the holding company for Hero Vired, and two directors for not reporting beneficial ownership details on time. The RoC imposed a penalty of ₹6 lakh ($8,090) on the company for not filing the necessary e-form, and ₹1.5 lakh ($2,022) each on the two directors, Suman Kant Munjal and Akshay Munjal. While the beneficial owners had provided the declarations, the company failed to file the forms with the authorities. The RoC is taking action to improve governance and transparency in companies.

RBI issues monetary fines to Hewlett Packard, and THESE 2 companies for KYC non-compliance | Mint

Livemint

Livemint · 11m ago

RBI issues monetary fines to Hewlett Packard, and THESE 2 companies for KYC non-compliance | Mint

The Reserve Bank of India (RBI) has imposed monetary penalties on three non-banking financial companies (NBFCs) for various regulatory lapses and non-compliance with RBI directives. Hewlett Packard Financial Services (India) Private Limited, SMFG India Credit Company Limited, and Muthoot Vehicle & Asset Finance Limited were the companies penalized. The penalties were issued between September 3 and September 11, 2024. The penalties were levied for non-compliance with Know Your Customer guidelines, Information Technology and cybersecurity guidelines, and liquidity risk management framework, among others. The penalties ranged from ₹7,90,000 to ₹23,10,000.

DGCA orders suspension of two Akasa Air directors over ’failure to ensure compliance’ in pilots’ training | Company Business News

Livemint

Livemint · 8m ago

DGCA orders suspension of two Akasa Air directors over ’failure to ensure compliance’ in pilots’ training | Company Business News

The Directorate General of Civil Aviation (DGCA) has suspended two Akasa Air directors for six months due to lapses in pilot training compliance. The suspension follows previous fines imposed on the airline for failing to compensate passengers on time after denied boarding at Bangalore airport. The DGCA penalized the airline for not adhering to norms, amid broader scrutiny over alleged violations. Akasa Air pledges to cooperate with regulatory authorities to improve safety protocols.

Zepto Pass crosses 4M subscribers, gained 2M in just last 4 weeks

Twitter · 1y ago

Zepto Pass crosses 4M subscribers, gained 2M in just last 4 weeks

Four weeks ago, Zepto Pass celebrated reaching 2 million subscribers, and astonishingly, now boasts 4 million. This incredible growth over the past six weeks has been a pleasant surprise. The company is thankful for the continued opportunity to serve its rapidly expanding customer base, making every day feel like a privilege to have the best job in the world.

Regulatory action against Nidhis, non-disclosure of beneficial ownership jump

Livemint

Livemint · 8m ago

Regulatory action against Nidhis, non-disclosure of beneficial ownership jump

Regulatory action against Nidhi companies and firms defaulting on beneficial ownership disclosures has increased significantly in 2024, according to official data from the Registrars of Companies (RoCs). The RoCs issued 131 adjudication orders, imposing penalties for alleged breaches, against Nidhi companies in 2024, a 72% increase from the previous year. Additionally, regulatory action against defaulters of beneficial ownership disclosures rose, with 79 adjudication notices in 2024 compared to only three in the previous year. These increased actions aim to improve transparency and compliance within these entities.

Indian units of more MNCs under beneficial ownership glare

Livemint

Livemint · 1y ago

Indian units of more MNCs under beneficial ownership glare

Indian authorities are reportedly expanding their ownership checks to the local arms of multiple multinational companies (MNCs). Registrars of Companies (RoCs) are scrutinising company disclosures and shareholding information of MNCs' Indian units to ascertain whether they have identified significant beneficial owners (SBOs). The move follows penalties imposed on LinkedIn and Samsung for violating SBO reporting norms. The increased focus on enforcement stems from a recent review by the Financial Action Task Force (FATF), an international body fighting money laundering and terrorism financing. The RoCs have reportedly been removing defunct firms and detecting shell companies in recent years.

Audit committees need to ensure independence of auditors: NFRA Chairperson

Economic Times

Economic Times · 1d ago

Audit committees need to ensure independence of auditors: NFRA Chairperson

Audit committees should ensure auditor independence, emphasized NFRA Chairperson Nitin Gupta. Highlighting good corporate governance, he stressed the crucial role of external auditors and the importance of sound financial reporting principles. NFRA is actively fostering effective financial reporting practices and addressing audit lapses. Gupta suggested that comprehensive internal controls and robust risk management systems are vital for good governance. He shared these insights at a Ficci-organized conference on transparency and trust in governance.

UK companies should have to disclose major cyberattacks, M&S says - The Economic Times

Economic Times

Economic Times · 1m ago

UK companies should have to disclose major cyberattacks, M&S says - The Economic Times

The chairman of Marks & Spencer, Archie Norman, advocates for mandatory reporting of significant cyberattacks by UK businesses. During a parliament hearing, he revealed that several major cyberattacks went unreported, indicating a knowledge gap in cybersecurity. Following an April cyberattack that cost M&S approximately £300 million and suspended online operations for weeks, Norman emphasized the importance of disclosure to the National Cyber Security Centre (NCSC) to enhance awareness and response to such threats.

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